HIGH POINT — Peters Development has purchased its second major local retail center within a week.
The High Point-based commercial real estate development and investment company acquired the Oxford Station shopping center at 2313 and 2317 N. Main St. for $8.6 million in a transaction that closed Wednesday, according to Dan Hill, the company’s vice president and director of real estate.
The center is fully occupied with a Verizon store in one building and three tenants in a second building — Chipotle, Vitamin Shoppe and Sleep Number — as well as a drive-thru Wells Fargo ATM.
Peters Development on July 8 bought the Forestdale Plaza shopping center in Jamestown for $6.95 million.
Oxford Station is the sixth retail complex the company has purchased within the past year in the greater High Point market.
“So we are definitely still in acquisition mode,” said Elise Peters Carey, president of Peters Development. “We continue to make significant investments in our local High Point market because we believe in the continued resurgence and long-term growth of the city.”
She said Oxford Station fits with the company’s investment and financing strategy of acquiring stable income producing properties with national tenants under long-term leases.
“We believe that this is the premiere shopping center on N. Main Street and we were very pleased to add it to our portfolio,” Hill said. “The center offers high visibility and outstanding frontage on North Main Street, as well as large signage on one of the Triad’s busiest thoroughfares. In addition, the property has access points at two separate traffic signals, which is a rarity and makes for ease of ingress and egress for shoppers.”
In High Point within the past year, Peters Development has purchased shopping centers at 801-819 N. Main St., 2831 S. Main St. and 274 Eastchester Drive, which have been rebranded as Peters Plaza II, III and IV, respectively.
It also acquired the retail center at N. Main Street and Eastchester Drive.
In addition, the company has several downtown High Point projects underway for new retail, residential and office space.